Kevin Hoover suggests that William Nordhaus relied on the labor theory of value in his paper on light (Letters, April 24). Yet Nordhaus actually used knowledge, not labor. He offered a method to measure innovation: the discovery and sharing of valuable new knowledge. Nordhaus measured the amount of knowledge per unit of time and observed that knowledge about light was growing exponentially, surpassing traditional measures of economic development. It is the time price over time that truly deserves our attention. Read More ›
Almost everyone has far more wealth due to technological advances than anyone had 30 years ago, yet their money balance sheets and that of most governments flirt with bankruptcy. How can this be? Read More ›
An entire industry – mostly government-funded – has sprung up around the idea of creating entrepreneurs. Don’t buy any of it. Don’t buy college. Don’t buy business incubators. Don’t buy mentors – you probably know more about what it takes to succeed in your business than they do. Start the business. Read More ›
